Stocks Ended Lower amid Lingering Trade Concerns

U.S. stocks ended lower on Wednesday as investors continued to weigh the impact of escalating tension between the U.S. and China. The Dow Jones Industrial Average retreated 100.72 points, or 0.39%, to 25,776.61. The S&P 500 fell 8.09 points, or 0.28%, to 2,856.27. The Nasdaq Composite slipped 34.88 points, or 0.45%, to 7,750.84.

Oil futures dropped Wednesday, after government data revealed a hefty weekly increase in domestic crude stockpiles, defying expectations for a decline. West Texas Intermediate crude for July delivery fell $1.71, or 2.7%, to settle at $61.42 a barrel. July Brent declined by $1.19, or 1.7%, to $70.99 a barrel.

Minutes for the rate-setting Federal Open Market Committee’s April 30-May 1 meeting indicated that the voting members agreed the current accommodative policy can remain for now and that they were comfortable with the wait-and-see approach.

NetApp Inc. (NTAP) reported weaker than expected earnings and revenue and projected declining quarterly sales and profit. In a fiscal fourth-quarter earnings report, NetApp reported income of $396 million, or $1.59 a share, on sales of $1.59 billion, down from $1.64 billion the year before. NetApp said it expects first-quarter adjusted earnings of 78 cents to 86 cents a share on sales of $1.32 billion to $1.47 billion.